Home Highlights November 2013 Year 2013 This

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1. Unexplained credit u/s 68 - Partially genuine - As per AO, an individual creditor is true up to 75% level and untrue up to 25% level, which is unheard practice because a...

2. Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

3. Penalty u/s 271(1)(c) - bogus purchases @ 25% on total purchase - After analyzing the order of the A.O. as well as the ld. CIT(A), we also found that both the lower...

4. Disallowance u/s 14A - Disallowance made on account of interest expenditure - AO has not made any disallowance on account of interest expenditure u/s 14A of the I.T. Act...

5. Bogus purchases - accommodation entry - at best it would be a case that purchases have been made from one party in grey market and bills have been obtained from another...

6. Restriction of disallowance - Bogus purchases - Restriction of disallowance @30% of total disallowance – addition of 12.5% net profit on bogus purchase is reasonable - AT

7. Addition made on account of bogus purchases - there cannot be a direct nexus between purchases and sales - in favour of assessee. - AT

8. Estimation of income - bogus purchases - when the purchases are held to be bogus and only certain percentage only to be disallowed - assessee has already declared profit...

9. Estimation of income - Bogus purchases - CIT(A) has disallowed 25% of the purchases on the grounds that the assessee could have made some super profits - The tribunal...

10. Bogus purchases - addition made u/s 69C - assessee is making local purchases without any transportation bills, delivery challans etc., the possibility of the Assessee...

11. Estimation of income - Bogus purchases - Reliance on retracted statement - The ITAT, after reviewing the case, noted discrepancies in the reliance on these statements...

12. Bogus purchases - In a case where sales are considered genuine, no addition, on account of bogus purchases, can be made - AT

13. Bogus purchases - oil cakes shown as purchases by the assessee from 33 parties were not genuine transactions -Tribunal was justified in disallowing 25% of the purchase price - HC

14. Estimation of income - bogus purchases - case of bogus bills arranged from the entities and diamonds purchased from somewhere else at a lower cost - The ITAT noted the...

15. Disallowance on account of bogus purchases - cogency in the submission of the assessee that the gross profit already shown by the assessee and offered to tax should be...